Executive Vice-President of Metro AG Germany, Atila Yenisen, has told Finance Minister Muhammad Aurangzeb that the group imports more than 10 million euros worth of Pakistani home textiles and other products annually for their clients abroad. This was disclosed in a meeting with the Finance Minister, where a delegation of METRO AG Germany was also present at the Finance Division on Wednesday.
It also gave a short profile of their business and investment in Pakistan, Atila Yenisen said that METRO AG Germany was contributing very well to the Pakistani textile exports. It has now got 10 stores in five cities of Pakistan with more than 2000 employees in Pakistan and nearly 10,000 customers associated with it.
Apart from promoting Pakistani textile exports, the group for many years has increased its business in the country, thus also making a contribution to the economy’s documentation. The delegation took much interest in the economic reforms that are going on in Pakistan.
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Welcoming the delegation, Finance Minister Muhammad Aurangzeb informed them of the ongoing macroeconomic reforms, pointing out the beneficial effects of those reforms on the economy in terms of stability and growth. He spoke of a sharp decline in inflation and of decreasing interest rates, which have positively surged overall business and economic activity.
Moreover, the Finance Minister pointed to the increases in the countries’ reserves from two weeks importers to two and a half months, which would give space to have a stable exchange rate and allow repatriation of profits and dividends to foreign investors. Thus, the meeting closed by reiterating mutual commitment to economic cooperation and growth.
The team was headed by Atila Yenisen with Alfred Graannas, Ambassador of the Federal Republic of Germany to Pakistan, as part of the delegate. Senior officers of the Finance Division and FBR were also present.